27 Jun '11, 4am

Malaysia Daily Bulletin – 27/06/11: Water specialist Puncak Niaga Holdings, which recently acquired a 40% stake

Puncak Niaga Eyes Remaining 60% Stake In Global Offshore Water specialist Puncak Niaga Holdings (PNH), which recently acquired a 40% stake in Global Offshore for US$8.4m (RM25.2m), is planning to purchase the remaining 60% stake within a year, according to a source familiar with the event. Global Offshore is engaged in the construction and subsea services, involving pipeline construction, platform installation and diving services. PNH targets to be a key integrated offshore player in the upstream oil industry, providing offshore services such as platform, vessels and barge for the exploration and production sector. It is understood that PNH will fund the remaining purchase in Global Offshore via internal funds and borrowings. Significance: Analysts estimate that Global Offshore will be securing between RM400m and RM500m from contracts annually over the next 4 to 5 years. H...

Full article: http://www.sharesinv.com/articles/2011/06/27/malaysia-dai...

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